Binary Trading & Finances

On the first glance, binary trading seems like a fun, easy and amusing activity. It can undoubtedly become one, but what many new traders do not know is that it is preceded by a lot of effort, learning and patience. Successful binary traders rely on their knowledge, skills, market analysis and the facts they draw from it. One of the key concepts of successful trading can be added to these, and it is discipline. Like in sports, you need to invest a lot in your knowledge, develop and grow every day, and stay disciplined and under control if you want to achieve remarkable results.

What constitutes discipline?

Discipline may be a bit vague term, especially when it comes to binary trading. The basic components of discipline include keeping your emotions under control, and using logic and reasoning.

When it comes to emotions, the main rule is that you should never let them interfere with your trading in any way. This means that you should not base your trading decisions based on your intuition, “inner feeling”, presuppositions and the feeling that you will have luck. Doing this may work sometimes, but keep in mind that trading is not a game of fortune, and if you rely on luck and emotions, your trading may end up as a catastrophe. What’s more, making emotional decisions can lead to your feelings go out of control, which can cause a lot of stress and many more bad trading decisions.

Relying on logic and reasoning are what makes a trader successful. If you listen to your knowledge and skills rather than your heart, you are likely to draw smart moves and make correct trading decisions.

Where can discipline help you?

Being disciplined can help you and guide you through all steps of binary trading, from finding a broker to deciding when to leave the trading platform. We will present you with several situations where you will find discipline useful.

Choosing a broker and/or binary robot

Logical thinking and relying on facts can help you even before you actually start trading. Paying attention to the features and conditions of the brokers instead on the commercials will spare you the stress and the potential lawsuit you will have to file if you get scammed. This works with choosing the binary robot as well, and these are automated trading systems visit Top 7 Binary Robots.

Developing a trading strategy

A good trading strategy is what separates successful from unsuccessful traders. Every good strategy is based on knowledge, logic and observations. Therefore, if you use these skills when developing a strategy, your trades are likely to be profitable.

Sticking with the schedule

When trading binary options, it is important to determine the time of day and the duration of trading. This way you avoid getting too tired, it keeps you under control and helps you stay focused instead of relying on emotions as you get more tired.

Reducing stress

Lastly, discipline helps you reduce stress. When you depend only on your knowledge, skills and reasoning, there is nothing to be afraid of. If you respect yourself, your schedule and make decisions based on logic, the trading will be more successful, you will feel more satisfied and gain self-confidence.

Social trading is often called copy trading and no big difference is made between these two terms. Even though the difference really is not big, there still are certain features these two concepts do not share. In this article, we will deal with similarities and differences between these two similar trading types.

What are social and copy trading

Social trading and copy trading are the terms which are usually used interchangeably. Those who use it rely on copying the tactics and strategies of other traders on the networks. It is mainly suitable for beginners, because they are not yet capable of analyzing the market, drawing conclusions and making smart trading decisions on their own. Inexperienced traders register on the social trading platform and copy the moves of the more experienced and reputable traders.

Similarities between social trading and copy trading

The first and the most obvious similarity is that both social and copy trading are based on certain level of interaction and on copying other people’s trades. Both concepts allow traders to find and follow their favorite binary gurus.

Then, both concepts are open and transparent for everyone. Every trader can see the success of others, which allows him to decide who to follow.

Both concepts have rankings of traders, from new ones to experienced ones. The general rule is that the new traders will follow the high-ranked ones, because they consider they can rely on their experience and decision-making.

Differences between social trading and copy trading

Despite these two concepts being similar, there still are some important differences between them. First, social trading is based more on manual settings and accepting or denying other traders’ decisions. With copy trading, the process is automated. You are required to choose the trader you want to copy, and the system will copy his decisions onto your trades. Most social trading platforms allow you to choose the control of loss. When the trader you are copying starts losing more money than you can afford, the process will automatically stop. Click here for more information about social trading and copy trading.

Automated copy trading versus manual social trading brings two more differences. First, as a consequence of different methods, social trading gives you much more control over your trades and the decisions you make. However, since copy trading is automated, it is much simpler than social trading.

It is important to point out that copy and social trading differ from automated trading systems, like Fintech LTD and similar robots, although the trades are performed automatically in both cases. With social and copy trading you rely on the decisions of other traders, while with automated trading systems you rely on the market conditions analyzed by an algorithm.

Conclusion

When you decide to choose social or copy trading platform, it is important to pick a reliable and licensed one, so you do not get scammed and have to file a lawsuit. Social and copy trading are relatively new, yet very successful and useful concepts. They are useful for many

kinds of people, especially those who enjoy learning from others. Which concept you will choose depends on you – your knowledge preferences and the trading skills you have achieved so far.

We were all taught that success is not coming overnight. However, this fast-paced world we live in makes everything move faster, and the same goes with success. While you still cannot make money overnight, it undoubtedly became possible to do it more quickly than before. In this article, we will give you some ideas how to do it.

What you need for success

Even when the success comes quickly to you, there are some conditions you need to fulfill before it. First of all, you need to believe in yourself and have clear goals ahead of you. Then, you need to invest in your knowledge and skills, never stop learning and adapting to the changes life can bring you. You need to be brave and willing to take risks. Even when you reach the level of success you dreamed of, you should always be aware of the world around you, never quit learning, improving and investing into your knowledge.

Quick ways for earning money

With some professions, such as sports, it takes years before you achieve success and start earning from it. However, with all the possibilities and different options we have today, it is possible to become successful and earn money without years and decades of constant investing. This period can be shortened to several years or even months, and some industries allow you to start working and earning after a relatively short time you spend learning and preparing.

Selling your knowledge

A lot of jobs today can be done online nowadays. Teaching and tutoring, design and programming jobs are the most frequent professions people do over the Internet. It takes several years of education to master most of these skills, and all of them are very well paid. You can easily find some of these jobs online, and start charging for your knowledge. Naturally, you should always learn and expand your knowledge, but you can very quickly reach an admirable level of skill and expertise.

Online Forex trading

Since the Internet became more widely available, everyone was able to try their luck, skill and knowledge in online trading. Forex market is one of the strongest and largest online trading markets in the world, and many economists and people of similar education make profit this way.

Binary trading

This is another popular online trading method, which is more widely available and probably even more popular than Forex. This is because it does not take to be an experienced trader or an economist, but it is available and easy to understand for everyone. It takes some time to master market analysis, which is crucial for successful binary trading. However, with so many online learning resources, it can be done quickly and thoroughly. There are also automated trading systems, such as Brit Wealth System, which enable the traders to spend less time on front of the computer, and still achieve success in binary trading. Currently, this is one of the favorite methods for quick and high earning among all kinds of people, all over the world.

If you belong to those traders that live in Canada and trade with Binary Options Robot, then we have good news for you! This revolutionary binary options software has recently added another brokerage company to its portfolio.

Lionexo broker is available only for Canadian traders which make this even better because Canadians can now have more options with their Binary Options Robot. ... See MoreSee Less

IQoption is one of the planetary renowned award winning brokerage company that recognized the need to providing a supreme trading platform and plenty of trading services for binary options traders worldwide.

The broker offers multiple services that include demo account and the vast amount of trading styles and educational materials that might help traders to become better in trading.